Choosing Geneco

The deregulation of the electricity market will encourage and promote competition within the various players in the electricity market and hence, provide competitively priced packages to consumers.

Since 2001, EMA has progressively opened the retail electricity market to competition to allow business consumers more options to manage their energy cost. Instead of buying from SP Group at the regulated tariff, eligible consumers can choose to
buy from a retailer at a price plan that best meet their needs, or buy from the wholesale electricity market at the half-hourly wholesale electricity prices. Those who exercise this choice are termed as contestable consumers.

You will have previously received an official notification from SP Group if your company is eligible to apply for contestability.

If your average monthly electricity consumption is above 2,000 kWh and did not receive any notification, you may apply for contestability on your own accord. This application process is free of charge.

For your convenience, we will be pleased to assist you with the contestability application. You can call our Customer Experience Hotline at 63636688 for assistance. Do also fax your last 3 months electricity bills at 63636600 and we will
handle the paperwork on your behalf.

As the leading electricity supplier in Singapore’s energy market, Geneco is attuned to the changing needs of our customers and has been working hand in hand with businesses to provide them with a wide range of pricing options and energy solutions
– enabling them to choose packages that best meet their needs.

Adopting a transparent approach, customers can be assured of excellent service quality coupled with a suite of services that centre around an efficient electricity supply to our customers.

To receive a competitive quotation from us, you may request for a quotation here. Our sales professionals will then contact you and work out a customized energy solution for you.

SP Services Ltd, a member of SP Group, is the Market Support Services Licensee (MSSL) providing Market Support Services such as reading of electricity meters, data management and facilitation the transfer of customers from electrical retailers.
Once Geneco has established the transfer, your meter reading data records will be provided to Geneco from SP Services Ltd/MSSL.

For non-contestable Business consumers who would like to gain contestability, you will need to install a new Advanced Metering Infrastructure (AMI) electricity meter. The installation charge by SP PowerGrid will be at $40/meter (excl GST).

You can switch back to buy electricity from SP Group at the regulated tariff. Businesses with an average monthly consumption of less than 4,000 kWh (monthly electricity bill of $800 or lower) can switch back to buying electricity from SP Group at
the regulated tariff.

All Geneco business customers will be able to access our customer portal. Through this portal, you will be able to view your electricity bills as well as other energy consumption details (E.g.
half-hourly consumption profile) online anytime.

If you have not received your userid or password, please call us and we will gladly re-send this to you.

If you have any queries regarding your account or wish to make any changes/updates to your account, please feel free to call our Customer Experience Team at 63636688 or send us an enquiry to contact@geneco.sg.

During the Singapore Budget 2018, it was announced that a carbon tax of S$5 per tonne of carbon emissions will be introduced from 2019 to 2023. In line with these measures, a carbon tax charge will apply to all commercial customers for every unit of
electricity consumed from 1 January 2019 onwards. This initiative aims to encourage both emitters and downstream consumers to be more energy efficient. Click here for more information
about carbon tax.

The Use-of-System charges, which is payable to SP Group, is to recover the cost of transporting electricity through the national power grid. Note that the charges differ according to the voltage at which a consumer receives the electricity supply. To know more, visit our page, https://www.geneco.sg/business/faq/use-of-system-charges/.

AFP Charge

This is the charge for the recovery of the cost incurred for the procurement of Regulation. Regulation is energy needed to fine-tune between the generation and consumption of electricity on a half-hourly basis.

Contestability

The right to choose among electricity retailers for electricity purchase.

Contestable Consumer

Consumer who has the right to choose how and whom they want to buy electricity from.

Energy Audit

A programme whereby an energy auditor or energy auditing company inspects a facility or premise to assess the energy use and suggest ways of saving energy.

Energy Market Authority (EMA)

The regulator of the electricity and gas industry in Singapore.

Energy Market Company (EMC)

The company that operates and administers the wholesale electricity market.

Generation Company (Genco)

A company that produces electricity.

Grid

A system of interconnected power lines that transport electricity from generators to consumers.

HEUC

This charge captures any differences between total amounts received from retailers and total amounts paid to generators for energy, reserve and regulation products. While the HEUC is called a charge, it is typically a return to retailers of the revenue arising from the sale of energy to cover transmission losses.

Load

The amount of electrical power required by a consumer.

Market Power

The ability of a seller/buyer, either individually or in collaboration with other sellers/buyers, to influence the price of electricity in the market.

Market Support Services (MSS)

These are services such as the buying of electricity indirectly from the wholesale electricity market for contestable consumers at spot prices, reading meters, managing meter data, administering transfer processes, and providing electricity to non-contestable consumers at regulated tariffs.

Market Support Services (MSS) Charges

Charges to cover the costs of market support services, such as transfer processing fees, meter reading fees, etc.

Market Support Services Licensee (MSSL)

The company that is licensed to provide market support services SP Services Ltd is the MSSL.

MEUC

This is a usage-based charge computed using loss-adjusted data. This charge is for the recovery of the cost incurred by the System Operator to procure supplementary services from the market to ensure the security and reliability of the electricity system. For example, Black Start Service is procured to re-start the system during a total blackout.

Non-Contestable Consumers

Consumers who are required to buy electricity from the MSSL at regulated tariffs.

Off-Peak Period and Peak Period

Period of time when there is relatively low demand for electricity. Period of time when there is relatively high demand for electricity.

PSO Admin Charge

PSO (Power System Operator) is responsible for the security and reliability of the transmission system. All customers pay a usage-based fee for the provision of this service.

Regulated Tariffs

Electricity prices for non-contestable consumers. Regulated tariffs are approved by the regulator.

Regulator

The statutory body that regulates the electricity industry in Singapore. The Energy Market Authority is the regulator.

Spot Prices

Prices determined half hourly on the wholesale market depending on demand and supply. Spot prices are not regulated or set by the regulator.

Terms of Contract/Contract Terms

The terms set out in the contract between an electricity retailer and a contestable consumer for the purchase of electricity, such as the contract duration, payment terms, mode of payment and contract termination provision etc.

Transmission

The process of delivering electricity from generation plants to consumers’ premises over the transmission system.

Transmission Charges

The charges for the use of the transmission system to deliver electricity to consumers’ premises. Transmission charges are regulated by the regulator.

Transmission Licensee

The company that is licensed to own the electricity transmission system and deliver electricity from generation plants to consumers’ premises. SP PowerAssets Ltd (SPPA) is the Transmission Licensee. SP PowerGrid Ltd (SPPG) is the agent appointed by SPPA to maintain and operate the electricity transmission system.

USEP

Price paid by consumers for electricity generated and supplied for consumption.

Vesting Contracts

Bilateral contracts between generation companies and MSSL for the production and sale of a specified quantity of electricity at a specified price (known as the “vesting price”). Vesting contracts are imposed by the regulator to curb market power of generation companies.

Vesting Debit/Credit

Reflected in MSSL’s bill to contestable consumers buying electricity from the wholesale market through MSSL. It is the difference between spot prices and vesting price on the demand that is covered by vesting contract.

Wholesale Electricity Market

An electricity market where generation companies compete to sell electricity.

Wholesale Electricity Price (WEP)

When buying electricity directly or indirectly from the National Electricity Market of Singapore (NEMS), one’s electricity price comprises of 6 components with USEP being by far the largest of the 6 components. The other components are the Hourly Energy Uplift Charge (HEUC), the Monthly Energy Uplift Charge (MEUC), the Allocated Regulation Price (AFP), PSO admin fees and EMC admin fees.

Talk to us instead

If you’re unsure about something, just drop us a line. We’re happy to help you in any way.